Latest Solana News and Insights | Yellow.com

Tron, the blockchain network founded by Justin Sun, has pulled off a surprise win against Ethereum. In the past 24 hours, Tron raked in $1.42 million. Ethereum lagged behind with $844,276. This comes hot on the heels of Ethereum's big moment. On July 23, spot Ether ETFs hit the US market. They pulled in a whopping $2.2 billion. But even with this cash injection, Ethereum fell short. Over the week, its fee revenue was about $600,000 less than Tron's. Talk about a plot twist. Tron's been on a roll since July 23. It's been top dog in revenue generation. The past seven days saw Tron pocket $8.67 million. Ethereum trailed with $8.08 million. Solana, another big player, isn't sitting on the sidelines. It generated $940,009 in 24 hours, beating Ethereum. But its seven-day haul of $6.38 million couldn't touch Tron or Ethereum. Looking at the 30-day picture, Ethereum's still king. It pulled in $52.48 million. Tron came second with $40.2 million. Pump.fun surprised everyone, outperforming Solana with $25.83 million. Justin Sun's not resting on his laurels. He's announced a new trick up his sleeve: a gasless stablecoin solution. Users could make free peer-to-peer transfers. The stablecoins themselves would cover the fees. Sun plans to roll this out on Tron by Q4 2024. Later, he wants to expand to Ethereum and other compatible chains. But it's not all smooth sailing for Tron. On June 26, its total value locked hit a six-month low of $7.5 billion. Ouch. There's more. A whopping 75% of Tron's total deposits are in one app, JustLend. And it's seen a 15% drop in assets over the past month. That's putting all your eggs in one basket. Meanwhile, Tron's parent company is in a legal tussle with the SEC. They're trying to get a lawsuit dismissed. Their argument? The SEC's overstepping by focusing on "predominantly foreign conduct". The SEC sued Tron founder Justin Sun and related entities in March last year. They claim Tron and BitTorrent token sales were unregistered securities offerings. They also accuse Sun of wash trading and paying celebs to promote the tokens. It's a wild ride in the blockchain world. Tron's stealing the show, but for how long? Only time will tell.

The Solana-based meme coin Billy (BILLY) has defied expectations. Its developer abandoned the project shortly after launch. Yet the community rallied, propelling it to a $200 million market cap. Billy's birth on Pump.fun in early June was inauspicious. The developer sold their entire token holdings within 20 minutes of launch. They netted a mere $1,116. That same amount of BILLY would now be worth $8.65 million. The developer's wallet remains empty of BILLY tokens. Onchain data confirms this fact. As Billy gained traction, the developer attempted to leverage its success. They promoted their newer tokens, claiming association with Billy. This didn't sit well with the Billy community. Tensions flared on Twitter. The developer threatened to delete all project-related social media accounts. It was a make-or-break moment. "It went from fear and panic to this is an opportunity," said Minh Dynasty, a Billy community takeover (CTO) member. He shared this on the 'What's the Meta?' podcast. "There were like 300 people on Telegram all trying to give their input." The community sprang into action. Within hours, they created a new Telegram group, Twitter account, and website. Meanwhile, a core team updated DEX Screener with the new links. Community takeovers are commonplace in the meme coin world. Developers often launch tokens for quick profits. But when investors see potential, they take charge. It's a peculiar phenomenon in the crypto space. Minh Dynasty likened it to a school project. "The teacher isn't like 'you are the leader,'" he said. "It's four people. And somehow they have to find ways to work together." Organization was key. Leaders emerged naturally. Collaboration became the norm. In just a month, a dedicated group formed around Billy's future. The community takeover now involves up to 100 people. They handle various roles, from marketing to social media management. It's a decentralized effort, driven by shared goals. Billy's Twitter following has grown to 11,000. Posters have appeared across New York City. The coin's popularity has skyrocketed as a result. Billy has become Pump.fun's largest meme coin. Its market cap peaked at $215 million. All thanks to a community that refused to let it fade away. "Billy represents crypto. The optimal crypto experience," Minh Dynasty concluded. It's about working together, having fun, and potentially making money along the way. The Billy saga is far from over. Its journey from abandoned project to multi-million dollar asset is a testament to community power in crypto. It's a dog-eat-dog world out there, but Billy's bark seems to have some bite.

The Pacific island of Palau is upping its tech game. It's now offering digital residency IDs on the Solana blockchain. This move is a big deal. It's the first time a country has put legal IDs on Solana. RNS.ID, a decentralized identity protocol, is behind this project. They announced it on Twitter yesterday. The company is pretty chuffed about it. Palau kicked off its digital residency program in 2022. It gives people worldwide a chance at residency. The kicker? You don't have to live there. Last September, Palau minted its first decentralized ID on Ethereum. Vitalik Buterin, Ethereum's co-founder, was there to see it happen. Want a Palau digital residence card? It'll set you back $248. RNS.ID's platform handles the applications. These residencies come with perks. You can extend your visa up to 180 days. Plus, you get anonymity on some crypto exchanges. George Harrap, co-founder of Step Finance, is optimistic. "It's exciting to see Palau using Solana now for their IDs," he told Decrypt. He reckons this new initiative will gain traction. Palau isn't just handing these IDs out willy-nilly. They've got a vetting process. It includes anti-money laundering and identity checks. It takes up to 10 days. Since last September, RNS.ID claims they've issued 7,338 digital residencies. Decentralized identity systems are a hot topic in blockchain. They're seen as a game-changer. Even Microstrategy, known for its Bitcoin hoarding, is getting in on the action. They're developing their own system based on Ordinals-like inscriptions. Shiba Inu developers are also working on digital identity systems. And let's not forget Worldcoin. They've got OpenAI CEO Sam Altman on board. Worldcoin's latest move? They're teaming up with Community Gaming. The plan is to use World ID to verify e-sports players' identities. How? By scanning their irises with a device called the Orb. It's all a bit sci-fi, if you ask me.

Rapper 50 Cent's Twitter account was hacked on Friday. Hackers used his account for a pump-and-dump scheme for a new Solana token. The hacker posted a flurry of tweets promoting "GUNIT" coin. They referenced 50 Cent's cognac brand and other celebrity crypto projects. It looked legit at first glance, and that is exactly what made the hack so brilliant. The crowd was enchanted, and the dirty scheme worked out pretty well almost immediately. Crypto enthusiasts jumped on board. GUNIT's trading volume hit $18.6 million in just 40 minutes. The token's value skyrocketed by 8,000%. But the party didn't last long. 50 Cent, real name Curtis Jackson, confirmed the hack on Instagram. "My Twitter and website got hacked," he wrote. He tagged his cognac brand in the post. Twitter quickly locked 50 Cent's account. All tweets became inaccessible. GUNIT's value plummeted on the news. But some folks are still buying. The token's market cap is around $150,000 at the time of writing. 50 Cent claimed the hacker made off with $300 million. That's a stretch. Data shows the token's market cap never came close to that figure. This isn't the first celebrity crypto hack. Earlier this month, Hulk Hogan's Twitter was compromised. Hackers promoted a HULK token that saw $82 million in trading volume in one day. The incident highlights the risks of celebrity-endorsed cryptocurrencies. It's a reminder to always do your own research before investing. Especially when you see a sudden, and thus suspicious, celebrity post about some coin you have never heard before. The crypto world is still the Wild West, and you better remember about it at all times.

A Solana meme coin investor made waves in the crypto community this week. He got the contract address of Gigachad (GIGA) tattooed on his chest. But there was a snag. The investor, known as Hop on Twitter, soon realized he'd made a mistake. The address inked on his skin was wrong. Oops. Hop's reasoning for the tattoo was simple. He claimed GIGA had transformed his life "mentally, spiritually, and of course financially." Fair enough. This isn't the first GIGA-inspired tattoo. Another community member reportedly got the ticker inked when the market cap was $18 million. Now it's over $175 million. Talk about commitment. Hop's tattoo style was inspired by bible verse tattoos. It's an interesting choice for a meme coin. His tattoo artist was used to his "weird ideas." "He kept calling me a crypto nerd while doing the piece," Hop told Decrypt. LOL. The mistake was spotted quickly. A Twitter user pointed it out within 30 minutes of Hop's post. Hop took it in stride, joking "No ragrets." He informed his tattoo artist, who offered to "find a hieroglyph to cover it." That's one solution. Surprisingly, Hop isn't bothered. "I'm not mad about it," he said. "No random person is going to know there's a typo unless I tell them." Good point. The incident had an unexpected effect on GIGA's price. It jumped, pushing weekly gains to 49%. The current price is about $0.018. Who knew a tattoo could move markets? In the wild world of crypto, this story stands out. It's a reminder that in investing, as in tattoos, double-checking is crucial. And maybe, just maybe, permanent ink and volatile markets don't mix.